Noritz (5943) Q2 2024 earnings summary

Executive summary

• Revenue for the first half of FY2024 was ¥96,012 million, down 3.7% year-over-year; operating loss was ¥127 million versus a ¥1,276 million profit last year.

• Net loss attributable to shareholders was ¥354 million, compared to a ¥1,061 million profit in the prior year.

• Comprehensive income rose to ¥10,251 million, up 27.1% year-over-year, driven by gains in other comprehensive income.

Financial highlights

• Operating loss of ¥127 million, a reversal from last year's ¥1,276 million operating profit.

• Ordinary profit dropped 70.3% year-over-year to ¥410 million.

• EPS for the half was -¥7.68, down from ¥23.03 in the previous year.

• Total assets at June 30, 2024, were ¥215,949 million, up ¥8,178 million from year-end.

• Cash and equivalents increased by ¥2,260 million to ¥27,419 million at period-end.

Outlook and guidance

• Full-year revenue forecast revised to ¥205,000 million, up 1.5% year-over-year.

• Operating profit forecast cut to ¥3,200 million (down 16.7%), ordinary profit to ¥4,200 million (up 237.3%), and net profit to ¥4,700 million (up 440.9%).

• Full-year EPS forecast at ¥101.84.

• Dividend forecast unchanged at ¥67 per share for the year.